Business

The latest business news in Nigeria, Africa and the world.

Nigeria Spent $1.4bn On Palm oil Imports In Five Years
Price Of Palm Oil Records Slight Increase In Enugu
The price of palm oil has recorded slight increase in major markets across Enugu metropolis, according to a market survey conducted by the News Agency of Nigeria (NAN) on Saturday.
FIRS Recovers N97.7bn From Tax Defaulters’ Bank Accounts
The Executive Chairman of FIRS, Mr Babatunde Fowler in Abuja on Wednesday at the 49th Annual Accountant Conference of the Institute of Chartered Accountants of Nigeria (ICAN) disclosed that N97.7bn has been recovered from tax defaulter's bank account through charge ordered by the tax agency.
PDP Reacts To Increase Of VAT From 5% To 7.2%
Why Buhari Govt Increased VAT From 5 to 7.2 Percent
The President Muhammadu Buhari administration has approved an increase in Nigeria's Value Added Tax (VAT) from five per cent to 7.2 per cent effective next year.
Shell Loses N73b To Oil Thieves
Shell Petroleum Development Company of Nigeria (SPDC), has revealed that it loses about N202 million daily in revenue to activities of criminals in the Niger Delta.
Orji Kalu Reacts To Selling Issued Shares Capital Of His Bank
FIB: Orji Kalu Reacts To Selling Issued Shares Capital Of His Bank
Chief Whip of the Senate, Orji Kalu, has denied selling the issued shares capital of his banking group, First International Bank (FIB), Concise News reports. It...
Nigeria Loses N2 Billion Daily To Petrol Smuggling
Nigeria Loses N2 Billion Daily To Petrol Smuggling
The Nigerian National Petroleum Corporation (NNPC) has confirmed that the nation’s economy loses N2 billion daily to fuel smuggling.
Jack Ma Sets Alibaba Resignation Date
Jack Ma To Leave Alibaba
Jack Ma, Chinese business magnate, will step down next week as chairman of Alibaba, but the start-up he built into online retail, Behemoth.
How I Received News Of My Victory At Tribunal – Pres. Buhari
US Court Rejects $1.8b Arbitration Award Against Nigeria
A U.S. judge on Wednesday rejected Exxon Mobil Corp’s and Royal Dutch Shell Plc’s effort to revive a $1.8 billion arbitration award against the Nigerian National Petroleum Corporation (NNPC).
Why NNPC Redeployed NPDC's Management Staff
Why NNPC Redeployed NPDC’s Management Staff
The Nigerian National Petroleum Corporation (NNPC) on Tuesday said the redeployment of the top management staff of the Nigerian Petroleum Development Company (NPDC) is to reposition the company to meet its production and national reserve targets.
Nigeria Stock Exchange: Market Indicators Drop Further
Stock Market: NSE Lifts Ban On Shares Of Royal Exchange
The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on the shares of Royal Exchange Plc, Concise News reports.
CBN governor naira notes
What Will Happen To ‘Bad’ Naira Notes From Today – CBN
The Central Bank of Nigeria (CBN) has said mutilated or bad notes would continue to be in use even after the expiration of September 2nd 2019 deadline. 
Tony Elumelu Foundation news
TICAD: What Tony Elumelu Asked Japanese Govt. To Do For Nigeria
Business mogul Tony Elumelu has urged the Japanese Government to use 5% of its $50bn pledge to Africa on empowering entrepreneurs, Concise News reports.
Delta Ports Generates Over $45.2m In Six Month -NPA
Apapa: Warri Port Now Berthing Over 200 Vessels – NPA
More than 200 vessels now berth in the Warri ports, Delta, according to the Nigerian Ports Authority (NPA). 
Manufacturing Index Grows In August
Despite headwinds in inflation, the manufacturing sector has continued to grow, according to the latest central bank of Nigeria's PMI report.
CBN governor naira notes
Milk Importation: CBN Halts Banks From Taking Bills for Collections
The Central Bank of Nigeria (CBN) on Tuesday halted commercial banks and other authorised dealers from taking 'Bills for Collections' as means of payment for milk importation and its related products but only Letters of Credits (LCs).
Senate To Summon Finance Minister, FIRS Chairman Over VAT Increase
FG Generates N312bn From VAT In Q2 2019
Latest data from the National Bureau of Statistics revealed that the Federal Government through the Federal Inland Revenue Service (FIRS) generated N311.94 billion in Value Added Tax (VAT) between April and June 2019.
How I Received News Of My Victory At Tribunal – Pres. Buhari
Nigeria Does Not Have Debt Problem – Ahmed
Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that Nigeria does not have a debt problem, rather a revenue problem.
CBN governor naira notes
Is FG Giving Out Loans To Small-Scale Businesses Via CBN?
The Central Bank of Nigeria (CBN) has denied reports that it is giving out loans to small-scale businesses, Concise News reports. 
PenCom: 4,657 Employers Gets Compliance Certificates
N250bn Invested In Real Estate By Pension Operator – PenCom
Latest data from the National Pension Commission (PenCom) has shown that a total of N250.02 billion pension assets have been invested by operators in the country
FIRS Reveals Date To Begin Imposition Of VAT On Online Transactions
Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, says the agency will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, with effective from January 2020.
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